Twitter IPO: What the web (and Twitter) is saying

Twitter’s long-awaited IPO finally took place on Thursday, and we’ve rounded up the highlights: the news, the pictures and the snark. Here’s our as-it-happened update of Twitter’s big day. See the latest update at the top, and scroll down to see how the rest of the day unfolded.

1:23pm PT: And that’s the end of IPO day:Twitter shares closed at $44.90 — a 73 percent jump from the $26 minimum price the company set last night. The pop will leave investors and the bankers happy, but others are wondering why Twitter left more than $1 billion on the table.

12:21pm PT: What does Twitter’s soaring share price mean for other emerging tech darlings? Here’s a thought:

12:12pm PT: What a grand stock certificate! A cutting edge tech company gets a decidedly old-world commemoration at NYSE:

12:06pm PT: If you didn’t create Twitter, would you go on TV and say you did? Meet Dom Sagolla, who has talked his way onto Bloomberg, CNBC and other outlets as a “co-founder.” This probably won’t go on much longer, thanks to this Valley Wag screed that lashes Sagolla as a phony and a liar. Here’s a screenshot of the “co-founder” you probably haven’t heard of:

Screenshot of Dom Sagolla on CNBC

11:06am PT: As of mid-day, Twitter’s share price is bouncing around north of $45 — which is good news for investors, but raises questions about what the company will have to do meet that lofty value. It’s a tall order. NYU finance professor Aswath Damodaran has a smart appraisal:

“To justify the $45 per share, you would need the company to reach much higher. By my calculations, Twitter will have to generate about $32 billion in revenues in 2023, giving it, by my estimate, about 15 percent of the online advertising market in that year.”

10:44am PT: So what’s it like inside Twitter’s San Francisco office on IPO today? Chris O’Brien of the LA Times is rounding up some of the pics on his Twitter feed, including this one:

10:10am PT: It’s victory lap time for NYSE! A few minutes ago, the exchange sent out a celebratory email, including pictures of the opening bell ringers and a timeline of Twitter’s history.

NYSE can be excused for celebrating, though, since we’re now at over 3 hours of live trading without a significant glitch. This, of course, is in marked contrast to the NASDAQ debacle last year that saw marred Facebook’s IPO.

10:00am PT: And a lighter moment from All Things D’s Mike Isaac:

9:58am PT: Media outlets are using IPO day to publish some deeper dives on the guts of Twitter and where it’s going. BusinessWeek explains that a tweet may be only 140 characters but that each one contains 31 public data fields about origin, time, creator and more. All the info helps it swim on the web “like a just-hatched sea turtle crawling to the surf.”

BuzzFeed, meanwhile, takes a look at Twitter’s “onboarding” issues. CEO Dick Costolo swears the service is getting easier newbies, but it looks like the company has a way to go. See “What it’s like to sign up for Twitter on IPO day.

9:41am PT: Dan Primack at Fortune says that the massive jump in Twitter’s share price this morning means that the company and its underwriters left more than $1 billion on the table — in other words, they priced the shares too low:

“The only people who should be thrilled about this are Twitter’s bankers, who climbed over the Chinese wall to get a sweet deal for their high-net-worth clients.”

9:34am PT: Some Twitter staffers might be spending the day refreshing the stock price every couple of seconds, but not head of revenue Adam Bain:

8:22am PT: And here’s some more snark about the share price. Ouch:

8:14am PT: Today’s Twitter stories are mostly fleeting IPO hype  — to get a real understanding of what this company is all about, you’re going to want to read two posts from earlier this week from two people who’ve known the company for a long time:

Here’s Om on: To live and die in public: That’s Twitter

And here’s Mathew Ingram on: Twitter’s IPO means that it is growing up — but will it lose its soul in the process?

8:08am PT: Yikes, Twitter has reportedly hit $50. Meanwhile, Facebook stock is not part of the party — it’s slumping over 1%  this morning.

8:00am PT: And here’s some more cold water:

7:57am PT: It looks like an old-school stock exchange scrum down there. Jack Dorsey posted this Vine of men hollering (click pic to play):

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7:54am PT: That opening price means Twitter’s valuation is around $31 billion. Hoo-boy. Just last week, people were pricing the company closer to $15 billion.

7:51am PT:  And the stock is live. Opening price of $45.33. Keep up to date on our
Tracking the Price page.

7:45am PT: Now we’re getting really retro. Jason Kottke has a page showing what Twitter’s homepage looked like in 2006. Here’s a blinding screenshot:

Twitter homepage 2006

7:37am PT: And here’s another one for the skeptics. People have pointed out that Facebook was profitable when it went public — Twitter is not — and there are also questions about its revenue potential. Twitter is pulling in about 1/50 of the money that Macy’s does, despite being valued around the same:

7:29am PT: Twitter communications maven Caroline Penner aka @cpen takes us back to the early days with this t-shirt:

7:27am PT: Jeffrey Sica, President of SICA Wealth Management, harrumphs that this pricing speculation is “absolute froth.”

7:24am PT: And here comes the snark about Twitter’s pricing strategy and the IPO process:

7:14am PT: Twitter shares are not formally trading yet but Bloomberg says they will open in the $42 to $46 range. Our “Tracking the Price” post will have live updates, and includes some nifty background charts.

7:08am PT: And from the lighter side, BusinessInsider the pics of founder Jack Dorsey’s arrival on the New York York Stock exchange with a super short buzzcut.

7:00am PT: Here’s what Twitter said about Twitter … on Twitter. Check out the first, rather ungracious, reply.

6:58am PT: CEO Dick Costolo is talking to Bloomberg TV. He says Twitter is just 10% penetrated and that “we have a tremendous amount of investment we want to make.”

6:48am PT: It looks like not everyone in San Francisco is happy about the IPO. Here are some of the protesters who have gathered outside of Twitter’s office:

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6:42am PT: Here’s what it looked like at Twitter headquarters in San Francisco early Thursday morning as Twitter employees watched the ringing of the opening bell at the NYSE: